12 | SUSTAINABILITY NEWS | NEWS AND CURRENT AF FAIRS For more sustainability news click here Glasgow to cut fossil fuel ties The University of Glasgow
has become the first university in Europe to sell off the
shares it holds in companies producing fossil fuels
W:
www.universitybusiness.co.uk | T: @UB_UK
the next decade. The decision comes after a campaign
A
led by Glasgow Climate Action Society involving over 1,300 Glasgow students which started with Freedom of Information requests, and quickly led to banner drops, fake oil spills, flash mobs, and rallies. Sophie
Baumert, Glasgow University Climate Action Society, said: “This is a huge step for the Fossil Free campaign in the UK and we hope that our University will serve as a role model for other universities.” Glasgow joins 13 US universities,
including Stanford, who have already commited to divest from the fossil fuel industry. David Newall, Secretary of the
University of Glasgow Court, said: “The University recognises the devastating impact that climate change may have on our planet, and the need for the world to reduce its dependence on fossil
fter a year of student campaigning the University is withdrawing £18m of investments over
fuels. Over the coming years we will steadily reduce our investment in the fossil fuel extraction industry, while also taking steps to reduce our carbon consumption.” As of September 2014, 181 institutions
and 656 individuals, representing over $50bn in assets have pledged to divest from fossil fuels. These institutions and individuals come from a diverse range of sectors and
investment in fossil fuels of £2,083 for every student in the UK. In the past 12 months the People &
Planet network have launched over 50 fossil free campaigns across the UK involving over 15,000 students. During the summer the School of Oriental and African Studies (SOAS) become the first UK university to take any action; freezing new investments in the fossil fuel industry. SOAS is expected to make a decision on divestment in the next month. Decisions are also imminent from a handful of other institutions including the University of Edinburgh, who conducted
backgrounds, including universities, faith-based organisations, philanthropies, health-care providers, local governments, and NGOs. The campaign at the University of
Glasgow reflects a growing concern among British students about the dangers of climate change and the investment risks associated with the so-called carbon bubble which threatens to strand the £5.2bn UK universities collectively invest in fossil fuels; an
a university wide student and staff consultation in which respondents overwhelmingly supported divestment. Oxford University and its colleges, with investments of £3.8bn, have the largest endowment wealth of any UK higher education institution. The University is currently conducting a staff-only consultation on divestment, after almost 2,000 Oxford students and academics joined a campaign calling for divestment from the fossil fuel industry. UB
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